Precious metals kicked of the new trading week on Monday with increases that ranged from 0.1% for gold to 1.1% for palladium. Gains in gold and silver were their first in four sessions.
Gold for June delivery rose by $2.90 to settle at $2,022.70 an ounce on the Comex division of the New York Mercantile Exchange.
"Technically, June gold futures bulls still have the solid overall near-term technical advantage. Prices are in a 2.5-month-old uptrend on the daily bar chart. Bulls’ next upside price objective is to produce a close above solid resistance at the record high of $2,085.40. Bears’ next near-term downside price objective is pushing futures prices below solid technical support at $1,980.90,” Jim Wyckoff, a senior analyst at Kitco Inc, said in a daily research note.
Gold futures traded between $2,011.20 and $2,027.50. They dipped nearly 0.3% last week, ending Friday at their lowest point since May 1.
Meanwhile, silver for July delivery added 13.7 cents, or 0.6%, settling at $24.291 an ounce. Silver futures traded between $24.05 and $24.40. The plunged by 6.9% last week, closing Friday at their worst price since April 3.
In other precious metals prices on Monday:
July platinum climbed by $7.70, or 0.7%, to $1,074.70 an ounce, ranging from $1,057.50 to $1,079.10.
- Palladium for June delivery tacked on $16.50 to $1,530.30, trading between $1,506 and $1,547.
Last week, platinum shed 0.1% while palladium gained 1.8%.
US Mint Bullion Sales in 2023
Sales figures published by the U.S. Mint on Monday showed an increase in bullion coins of:
- 26,000 ounces in American Gold Eagles,
- 9,500 ounces in American Gold Buffalos, and
- 403,000 ounces in American Silver Eagles.
The table below presents a breakdown of U.S. Mint bullion products sold, with columns indicating the number of coins sold (not total ounces) during different time periods.
|US Mint Bullion Sales (# of coins)|
|Monday||Last Week||February||March||April||May||2023 Sales|
|$50 American Eagle 1 Oz Gold Coin||21,500||13,000||41,500||211,000||159,000||34,500||564,000|
|$25 American Eagle 1/2 Oz Gold Coin||0||0||8,000||1,000||8,000||0||54,000|
|$10 American Eagle 1/4 Oz Gold Coin||18,000||18,000||12,000||10,000||12,000||18,000||132,000|
|$5 American Eagle 1/10 Oz Gold Coin||0||0||85,000||10,000||35,000||0||245,000|
|$50 American Buffalo 1 Oz Gold Coin||9,500||23,000||19,500||73,000||61,000||32,500||245,000|
|$1 American Eagle 1 Oz Silver Coin||403,000||450,000||900,000||900,000||900,000||853,000||7,502,000|
|$100 American Eagle 1 Oz Platinum Coin||0||0||N/A||7,500||500||0||8,000|